Four Rooney brothers signed papers on Monday to sell all or part of their ownership in the Steelers to a new investment group headed by their brother Dan Rooney and his son Art, sources told the Post-Gazette today.

The closing on the sale, which has been under agreement since November, should occur within two weeks or so, one source estimated. The closing has been delayed since its original schedule for last March.

"Now it's going to happen," one source said.

The sale is being handled by Pittsburgh National Bank.

Under terms of the sale, brothers Tim and Pat Rooney will sell all of their 16 percent stake each in the franchise, while brothers Art Jr. and John Rooney will sell about half of their 16 percent stake. Along with Dan Rooney, the five brothers equally shared 80 percent ownership of the team with another 20 percent owned by the McGinley family of Pittsburgh. Some of the McGinley stock also will be sold in the deal.

The new ownership group will be headed by Dan and Art Rooney II, the team's president. They have compiled a number of investors over the past year, including what they termed three "major" partners in Hollywood producer Thomas Tull, James Haslam III of Tennessee and the Paul family of Pittsburgh.

Ed Bouchette can be reached at ebouchette@post-gazette.com.
First published on July 22, 2009 at 11:34 am

Iron Shiek

07-22-2009, 04:55 PM

I saw this story on PFT, but decided to no link to his annoying website anymore.

But he did bring up an interesting question as to how the two brothers still involved with the gambling interests can still own a portion of the team. He said something about them going from 16% to 8% stakes...is there just a certain amount you aren't allowed to own if involved with gambling?

Oviedo

07-22-2009, 05:05 PM

I'm sure the organization is glad this is coming to an end but I really hope we are "not winning the battle only to lose the war."

The Rooney's added significant debt where there was none before. That debt has to be serviced every year and that money isn't coming from their 401Ks. It will come out of the money that could otherwise be applied to the operating budget of the team. This becomes even more of an issue if the salary cap goes away because it takes cash away that could be used to compete for players.

Eddie Spaghetti

07-22-2009, 06:51 PM

jimmy haslam isn't hurting for money.

he just gobbled up another truck stop chain last week.

he is the investor i am least concerned about.

although i liked the idea of drunkenmillers $$, he came off as a douchebag after the process vetted him out. may have been a blessing in disguise.

RuthlessBurgher

07-23-2009, 09:14 AM

I saw this story on PFT, but decided to no link to his annoying website anymore.

But he did bring up an interesting question as to how the two brothers still involved with the gambling interests can still own a portion of the team. He said something about them going from 16% to 8% stakes...is there just a certain amount you aren't allowed to own if involved with gambling?

Tim still owns the Yonkers Raceway and Pat still owns the Palm Beach Kennel Club, so they had to get rid of all of their Steeler shares because of the gambling that takes place at those locations. I believe that Art Jr. and John gave up their shares in the racetracks and casinos in order to still have a piece of the football team. I not sure why they still had to sell roughly half of their shares in the Steelers if they are no longer involved in the racetracks/casinos.

Oviedo

07-23-2009, 09:30 AM

although i liked the idea of drunkenmillers $$, he came off as a douchebag after the process vetted him out. may have been a blessing in disguise.

Druckenmiller is by all accounts a good guy. I think he got miffed because he felt the organization wasn't dealing in good faith and he was getting jerked around when there was never any real intent to sell.

IMO I would still have liked him in charge because we would not have added the debt that the Rooney's just took on. The current national economic conditions should cause concern for anyone about adding new debt with unstable financial markets.

papillon

07-23-2009, 09:40 AM

although i liked the idea of drunkenmillers $$, he came off as a douchebag after the process vetted him out. may have been a blessing in disguise.

Druckenmiller is by all accounts a good guy. I think he got miffed because he felt the organization wasn't dealing in good faith and he was getting jerked around when there was never any real intent to sell.

IMO I would still have liked him in charge because we would not have added the debt that the Rooney's just took on. The current national economic conditions should cause concern for anyone about adding new debt with unstable financial markets.

I didn't like Druckenmiller as an investor, because, he seemed to be a football guy second and an investor first. With Dan and Art still there and this being their livelihood the Steeler organization still has an owner that is all about the football team first.

I know the new investors have outside interests; however, with Dan and Art being the majority the others are only providing funds and not day-to-day operational input.